To All Listed Companies
We write in response to the possible impact of COVID-19 on timely completion of statutory audits and consequently delays in the submission of annual reports to the Jamaica Stock Exchange (JSE) by listed companies.
The JSE is mindful of the strategies being pursued by the Government to treat with the public health crisis associated with the COVID-19 pandemic. We appreciate the unavoidable impact on economic activities and the associated challenges that will be faced by listed companies and their auditors in meeting the reporting requirements under the rules of the JSE.
In light of the foregoing, we wish to advise of the decision of the JSE to allow an additional 15 days for submission of annual, audited and quarterly reports that are due over the period March to April 2020. Listed companies will be reminded that in the event that they are unable to submit reports on the dates specified, the rules of the JSE require “a company that is unable to timely submit to the JSE its …. Financial Statements, must notify the JSE where it can be foreseen that there is the probability of the delay, the circumstances and the probable extent of the delay. The Company should also simultaneously place an advertisement in the print media, advising shareholders of the delay.”
For further guidance in treating with delays, please refer to JSE Main Market Rule 407- Quarterly Financial Statements and JSE Main Market Rule 408 – Audited Annual Financial Statements. As it relates to the Junior Market, please refer to JSE Junior Market Rule Appendix 2, Part 4 (1) (a) (iv) Quarterly Financial Statements and JSE Junior Market Rule Appendix 2, Part 4 (2) (d).
Additionally, the JSE in protecting its employees and stakeholders amidst the outbreak of the coronavirus (COVID-19) uses this opportunity to encourage our stakeholders to submit all documents/ communications electronically, to ensure its timely submission. Likewise, the JSE’s primary mode of communication will be through electronic means.
We are optimistic that the above will be generally supported and assure our continued commitment in maintaining the highest quality of service during this time. If there are any concerns or comments, please do not hesitate to contact us.
Marlene Street Forrest
Jamaica Stock Exchange